Join Australia's most dynamic and respected property investment community

Queensland - Auction - Building & Pest - What're the buyers rights?

Discussion in 'The Buying & Selling Process' started by Taku Ekanayake, 6th Sep, 2015.

  1. Taku Ekanayake

    Taku Ekanayake Well-Known Member

    Joined:
    23rd Jun, 2015
    Posts:
    756
    Location:
    Sydney, Australia
    Hi guys,

    Hoping some well-informed people on legislation on QLD property going for auction, can help me out.

    I was having a chat to a QLD REA the other day and she informed me that for properties going for auction in QLD, it is my responsibility to do the B&P prior to auction.
    Therefore, if I won at auction, and I decided to do the B&P after, and found that there were issues with the property, I wouldn't be able to back out of the purchase on the basis of a B&P clause.

    Is there anyway around this legislation for a property going for auction in QLD?
    Is there any other clauses I can place such as a due diligence clause which will allow me to back out of a deal?


    Cheers,

    Taku
     
  2. Nemo

    Nemo Well-Known Member

    Joined:
    18th Jun, 2015
    Posts:
    265
    Location:
    Somewhere
    Makes sense... Vendor pays for an auction. You expect the person who wins to proceed with the purchase unconditionally.
     
  3. thatbum

    thatbum Well-Known Member

    Joined:
    18th Jun, 2015
    Posts:
    893
    Location:
    Perth, WA
    You sound surprised. Most auctions pretty much everywhere are unconditional.
     
  4. Perp

    Perp Well-Known Member

    Joined:
    18th Jun, 2015
    Posts:
    455
    Location:
    Brisbane
    You can ask the auctioneer if they'd be willing to accept an auction bid on the basis that your bid is subject to building and pest inspection, but it'd almost never be accepted. (Maybe if you're the sole bidder, I suppose.)
     
    Taku Ekanayake likes this.